Riding the Crypto Wave: 3 Stocks to Buy Before Bitcoin Hits $100,000
The world of cryptocurrencies is booming, and investors are eagerly looking for opportunities to capitalize on this trend. As Bitcoin approaches the $100,000 mark, investing in cryptocurrency-related stocks has become a popular strategy for investors. This article will discuss three crypto stocks that investors should consider buying before Bitcoin reaches $100,000. These stocks have the potential to provide excellent returns in the coming years, making them a smart investment choice.
Square, Inc. (SQ)
Square, Inc. is a financial services and mobile payment company that has a strong presence in the crypto market. The company's Cash App allows users to buy and sell Bitcoin, which has become a significant revenue stream for the company. In Q3 2021, Square reported that its Bitcoin revenue had grown by more than 200% YoY, generating $2.72 billion in Bitcoin revenue alone. The company also holds approximately 8,000 Bitcoin on its balance sheet, worth over $400 million at current market prices.
Square's growth in the crypto market is a significant reason to invest in the company. The company's CEO, Jack Dorsey, is a well-known crypto enthusiast and has publicly stated his belief in the future of cryptocurrencies. Square is also expanding its services beyond Bitcoin, as it recently acquired Afterpay, an Australian buy now, pay later company. This acquisition will help Square to expand its services and reach a broader customer base.
Coinbase Global, Inc. (COIN)
Coinbase Global, Inc. is a cryptocurrency exchange platform that has become one of the most popular and widely used platforms for buying and selling cryptocurrencies. Coinbase went public in April 2021, and since then, its stock has experienced significant growth. The company's revenue in Q1 2021 was $1.8 billion, a massive increase compared to its revenue in the previous year.
As more people get involved in the crypto market, Coinbase's user base is expected to grow, leading to more revenue for the company. Coinbase has also been expanding its services, including adding more cryptocurrencies for users to trade, launching its Coinbase Card, and allowing users to earn rewards for holding certain cryptocurrencies on its platform.
Riot Blockchain, Inc. (RIOT)
Riot Blockchain, Inc. is a cryptocurrency mining company that is dedicated to building, supporting, and operating blockchain technologies. The company is involved in the mining of Bitcoin and other cryptocurrencies, which has become a lucrative business due to the increasing demand for cryptocurrencies. Riot Blockchain has been expanding its mining operations, including the acquisition of Whinstone, a leading provider of high-performance Bitcoin mining infrastructure.
Riot Blockchain's revenue has been steadily increasing over the years due to its successful mining operations. In Q1 2021, the company reported a record revenue of $23.2 million, a 881% increase compared to the same period in the previous year. Riot Blockchain has also been expanding its services, including launching a Bitcoin mining pool and investing in blockchain technology companies.
Investing in Riot Blockchain can provide significant returns for investors as Bitcoin continues to gain popularity and reach new heights. However, it's important to note that investing in mining companies like Riot Blockchain can be volatile and carry risks, such as changes in the price of cryptocurrencies, regulatory changes, and operational risks. As always, investors should conduct their own research and seek professional advice before investing in any stock.
The crypto market is still relatively new and unpredictable, but with Bitcoin's continued success, investing in crypto-related stocks has become a popular investment strategy. Square, Coinbase, and Riot Blockchain are three companies that are well-positioned to benefit from the growing crypto market. As always, investors should do their own research before investing in any stock and understand the risks involved.
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